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SOL U.S. investment banking giant Morgan Stanley reported larger crypto fund positions in the second quarter, with BlackRock's Bitcoin exchange-traded fund (ETF) increasing its shareholding by more than 3 million shares.
According to a Q213F filing with the U.S. Securities and Exchange Commission on Thursday, Morgan Stanley's stake in BlackRock iShares Bitcoin Trust ETF (IBIT) increased from 13.4 million shares to approximately 16.5 million shares, an increase of 23%.
Morgan Stanley also reported holding 2.57 million shares of its own Morgan Stanley Bitcoin Trust (MSBT), valued at approximately US$43.3 million. Trading of the product began in April.
Thedocument shows that although shareholding in Coinbase and some other cryptocurrency-related companies declined, positions in a number of direct crypto funds increased in the second quarter.
Morgan Stanley expands exposure to Bitcoin and Ethereum ETFs
Although it added approximately 3.04 million IBIT shares, the value of this position fell approximately 18% from US$667 million to US$549 million as Bitcoin fell during the quarter.
Morgan Stanley also significantly increased its holdings in several smaller Bitcoin ETFs, including the grayscale Bitcoin Mini Trust ETF (BTC) and the Bitwise Bitcoin ETF (BITB), while its shareholding in Fidelity Wise Origin Bitcoin Fund (FBTC) increased by nearly 38%.
Ethereum holdings also increased, with Morgan Stanley increasing its iShares Ethereum Trust ETF (ETHA) holdings by approximately 202% to 4.6 million shares; the grayscale Ethereum Pledged Mini ETF (ETH) holdings increased by approximately 26% to 5.1 million shares.
In addition, in addition to launching MSBT positions, Morgan Stanley also added exposures to the grayscale Solana Pledged ETF (GSOL) and Fidelity Solana Fund (FSOL), valued at approximately US$4.25 million and US$2.26 million respectively.
Circle and Bitcoin miners performed strongly
Morgan Stanley made an even greater move on Circle Internet Group (CRCL), the issuer of USDC stablecoins, increasing its declared shareholding from approximately 1.46 million shares to 8.32 million shares.
Thefiling also shows that Morgan Stanley has significantly increased its holdings in a number of bitcoin mining and infrastructure companies, including Cipher Digital (CIFR), Core Scientific (CORZ), Hut8 (HUT) and Bitdeer Technologies (BTDR).
Not all cryptocurrency-related positions are growing. Morgan Stanley reported reducing its holdings of approximately 550,000 shares in Coinbase (COIN), cutting its CleanSpark (CLSK) position by more than 3.1 million shares, and completely withdrawing its holdings of approximately 8 million shares in Bitfarms (BITF).
